SHANGHAI, Nov. 7 (SMM) – LME tin prices overnight opened at USD 22,825/mt, with the high end of the price range USD 23,095/mt, and finding support at USD 22,751/mt. Finally, LME nickel prices closed at USD 22,751/mt, down USD 52/mt from the previous trading day. Trading volumes decreased by 136 lots, to 191 lots, and total positions decreased by 395 lots, to 19,733 lots. Inventories remained flat at 12,120 mt.
LME tin prices overnight rose to USD 23,095/mt, but rolling back early gains during European trading hours and closing at USD 22,751/mt, down USD 52/mt. Eurozone October PMI dropped to 51.9, compared to 52.2 in September. Eurozone business activities lost impetus to increase in early 4Q due to continuous layoffs. The euro against the US dollar index rose as expectations that European Central Bank will not lower its benchmark rate due to the strong Germany’s industry data.
LME tin prices will move between USD 22,600-23,000/mt. Spot prices in Shanghai should move between RMB 144,500-148,000/mt.